Shandong Rike Correlations

300214 Stock

5.70 0.23 3.88%

The current 90-days correlation between Shandong Rike Chemical and Zijin Mining Group is 0.34 (i.e., Weak diversification). The correlation of Shandong Rike is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Shandong Rike Correlation With Market

Good diversification

The correlation between Shandong Rike Chemical and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Rike Chemical and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Shandong Rike could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Shandong Rike when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Shandong Rike - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Shandong Rike Chemical to buy it.

Moving together with Shandong Stock

0.73	600010	Inner Mongolia BaoTou	Pair Corr
0.72	002460	Jiangxi Ganfeng Lithium	Pair Corr
0.63	002217	Holitech Technology	Pair Corr
0.81	000980	Zotye Automobile	Pair Corr
0.76	002188	Bus Online	Pair Corr
0.65	600715	Cultural Investment	Pair Corr

Moving against Shandong Stock

0.53	601899	Zijin Mining Group	Pair Corr
0.52	600547	Shandong Gold Mining	Pair Corr
0.42	600309	Wanhua Chemical Group	Pair Corr

Related Correlations Analysis

	601899	600309	600019	600547	002493	600010	002460	600160	603260	000807
601899		0.73	-0.33	0.96	0.2	-0.57	-0.63	-0.62	-0.19	0.49	601899
600309	0.73		-0.19	0.74	0.59	-0.32	-0.27	-0.39	0.11	0.42	600309
600019	-0.33	-0.19		-0.46	-0.08	0.42	0.14	0.66	0.22	0.11	600019
600547	0.96	0.74	-0.46		0.22	-0.66	-0.58	-0.74	-0.22	0.35	600547
002493	0.2	0.59	-0.08	0.22		0.38	0.51	-0.01	0.64	0.33	002493
600010	-0.57	-0.32	0.42	-0.66	0.38		0.77	0.62	0.59	0.17	600010
002460	-0.63	-0.27	0.14	-0.58	0.51	0.77		0.45	0.6	-0.19	002460
600160	-0.62	-0.39	0.66	-0.74	-0.01	0.62	0.45		0.36	-0.04	600160
603260	-0.19	0.11	0.22	-0.22	0.64	0.59	0.6	0.36		0.28	603260
000807	0.49	0.42	0.11	0.35	0.33	0.17	-0.19	-0.04	0.28		000807
	601899	600309	600019	600547	002493	600010	002460	600160	603260	000807

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

600547	+ 0.96	601899
002460	+ 0.77	600010
600547	+ 0.74	600309
600309	+ 0.73	601899
600160	+ 0.66	600019
603260	+ 0.64	002493

High negative correlations

600160	- 0.74	600547
600010	- 0.66	600547
002460	- 0.63	601899
600160	- 0.62	601899
002460	- 0.58	600547
600010	- 0.57	601899

Risk-Adjusted Indicators

There is a big difference between Shandong Stock performing well and Shandong Rike Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Shandong Rike's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
601899	1.55	(0.15)	0.00	0.81	0.00	0.00	3.18	(3.21)	9.33
600309	1.61	(0.20)	0.00	1.96	0.00	0.00	2.53	(3.47)	16.38
600019	1.51	0.13	0.05	(0.66)	2.27	(1.56)	3.34	(3.10)	17.37
600547	1.35	(0.21)	0.00	1.04	0.00	0.00	2.39	(2.95)	12.15
002493	1.42	(0.07)	0.00	(0.82)	0.00	0.00	2.35	(3.20)	15.52
600010	2.46	0.29	0.10	(0.44)	2.48	(3.30)	7.46	(4.00)	19.48
002460	3.15	0.30	0.08	(1.68)	3.22	(3.88)	9.99	(6.14)	20.00
600160	1.94	0.30	0.12	(34.30)	2.07	(2.12)	5.26	(3.85)	13.35
603260	1.98	0.06	0.02	(0.20)	2.58	(2.18)	4.90	(3.79)	17.89
000807	1.96	0.15	0.05	0.27	2.49	(2.01)	5.75	(3.27)	15.53

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shandong Rike without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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